FX:EURGBP Euro Fx/British Pound
EURGBP is forming a rare terminal impulse at a high node. Zoom out to understand why the purple horizontal line is a key support area, as there is a lot of previous time spent at this price level. To support this long, RgMov (Tim West's proprietary trend indicator), has been putting in new highs as prices move lower. Also, observe the weakening power off sellers as price bars become more narrow the lower price travels. I am eyeing a 3R long setup if price were to break higher in the next several hours (EUR news before U.S. open), with my stop being wherever the low is put in. My entrance would be at .7134, with a price target of .7261, good luck!